The executive board of the International Monetary Fund has completed its review of Ireland's implementation of the bailout programme and agreed to release a further tranche of €3.9 billion in loans.

Following a meeting in Washington, the organisation made no comment about the review and noted that it has so far loaned Ireland €13bn as part of the bailout programme.

The IMF expects to lend Ireland about €23bn over three years.

At the last release of funding in September, the IMF noted that the Government had adopted a plan in March to reorganise and reduce debts of its domestic banks and said the strategy was "ahead of schedule in some areas."